Wednesday, January 27, 2010
Want to see what a haircut taxpayers took with AIG
The documents are now public and unredacted and you can see them on the Huffington Post. They are not pretty. Here is one example
Thanks to the release of this document, which AIG had wanted to disclose in December 2008, a month before Geithner left the New York Fed to head the Treasury Department, the public can see that Goldman's $14 billion in assets was really worth just $6 billion. The firm had $8.4 billion in collateral from AIG, noteworthy because more than $2 billion of that came after the government's first bailout of AIG on Sept. 16., according to a Nov. 2008 presentation prepared for the New York Fed that was released this week.So without taxpayer funding of Goldmine Sachs failure, they would have lost about $6 Billion. Probably would have had to trim their bonuses a little. The sad part is until Obama throws Tiny Tim under the bus, he is handing political points to the GOP.
In all, taxpayers indirectly pumped about $8 billion into Goldman Sachs through AIG. Goldman posted a $1.3 billion profit for 2008.
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